CAIRO:The Saudi-Egyptian Construction Company(SECON) will increase its capital by $ 243 million to fund the building of housing units for low and mid-income people, according to Akhbarak.net Thursday.
The sums will be in equal shares between the Egyptian and Saudi Arabian governments, it stated, pointing out that the Saudi share will be presented in cash money, while the Egyptianshare will be in tangible assets,“utilized pieces of lands for establishing the units,” the outlet reported.
Prime Minister Ibrahim Mahlab, Minster of Housing Mustafa Madbouly and the Saudi Ambassador to Egypt Ahmed Al Qattanwere present during the signing of the agreement.
“The forthcoming period will witness a notable increase of Saudi investments in Egypt especially after the last development in Egypt’s political scene,” said SECON’s chairman, Mohammed Bin Hamoud Al Mazid.
The Egyptian economy has all factors of attracting new investment, restoring its pioneer rule and achieving a growth rate during the forthcoming period, he added.
Executive manager of SECON, Darwish Hassaninsaid the Egyptian government will allocate lands worth $121.5million in Cairo, Asyut and Damietta governorates, pointing out that the project will be accomplished within18 months.
SECON is currently working on several giant plants in Egypt including SECON Nile Tower with total cost estimated at 1.6 billion EGP, said Hassanin.
Since the ouster of former President Mohamed Morsi on July 3, Saudi Arabia pledged $5 billion in aid to Egypt to compliment an additional $7 billion provided by the United Arab Emirates and Kuwait.
Following the declaration of Abdel Fatah Al-Sisi‘s successful presidential bid, Saudi King Abdullah bin Abdul Aziz called on leaders of Arab and Muslim countries to hold a donors conference in order to raise funds for Egypt’s struggling economy.